Due to higher sales over the holiday season and improved tax administration, the Goods and Services Tax (GST) income in October climbed by 16.6% year over year to close to 1.52 lakh billion. The trend is predicted to continue until November by experts.
The amount collected is the second largest ever, the second time it has exceeded $1.50 billion, and it has exceeded $1.40 billion for eight consecutive months.
Since the new indirect tax regime's introduction in July 2017, the gross GST income of 1,51,718 crore in October this year (for transactions in September) is the second-highest. In April of this year, the record monthly revenue of 1,67,540 crore was attained.
The finance ministry commented on the revenue in a statement, stating that this is the ninth month [of the current calendar year] and the eighth consecutive month that the monthly GST revenue has exceeded the figure of 1.4 lakh crore. 8.3 crore e-way bills were produced in September, which is a substantial increase over the 7.7 crore produced in August 2022. September's actual business activity are reflected in October's collections.